JULIAN SMITHAAP

Insurance revenue rises as Aussies age

AUSTRALIA'S aging population will drive Australia's health insurance industry revenue growth.

The industry is expected to make more than $28 billion by 2021. With 47% of people on private insurance, the industry is worth about $22.5 billion now.

Analyst IBISWorld is forecasting annual revenue increases of 5%.

IBISWorld on Tuesday said membership, higher premiums and the nation's older residents would lift revenue.

It said changes to the Medicare Levy Surcharge and rebates boosted revenue but reduced profitability.

"Revenue growth has been largely driven by the aging of the population, as higher income thresholds have reduced the incentive for younger people to take up insurance," it said.

"An aging population, higher premiums and rising membership numbers, particularly as health insurers work towards the milestone of underwriting half of all Australians, are expected to drive growth in the industry."

- APN NEWSDESK


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